Net Income Per Common Share

12 Months Ended

Dec. 31, 2023

Net Income Per Common Share [Abstract]

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(16) Net Income Per Common Share:

The reconciliation of the net income per common share calculation is as follows:



	Successor						Predecessor
	For the year ended		For the year ended		For the eight months		For the four months
($ in millions and shares in thousands,	December 31,		December 31,		ended December 31,		ended April 30,
except per share amounts)	2023		2022		2021		2021
Net income used for
basic and diluted earnings per share:
Net income attributable to Frontier common shareholders	$	29	$	441	$	414	$	4,541
Less: Dividends paid on unvested restricted stock awards		-		-		-		-
Total basic net income attributable to
Frontier common shareholders	$	29	$	441	$	414	$	4,541

Effect of loss related to dilutive stock units		-		-		-		-
Total diluted net income attributable to
Frontier common shareholders	$	29	$	441	$	414	$	4,541

Basic earnings per share:
Total weighted average shares and
unvested restricted stock awards outstanding - basic		245,517		244,781		244,405		104,799
Less: Weighted average unvested restricted stock awards		-		-		-		(215)
Total weighted average shares outstanding - basic		245,517		244,781		244,405		104,584

Basic net income per share attributable
to Frontier common shareholders	$	0.12	$	1.80	$	1.69	$	43.42

Diluted earnings per share:
Total weighted average shares outstanding - basic		245,517		244,781		244,405		104,584
Effect of dilutive units		2,330		-		1,480		340
Effect of dilutive restricted stock awards		612		499		-		-
Total weighted average shares outstanding - diluted		248,459		245,280		245,885		104,924

Diluted net income per share attributable to Frontier common shareholders	$	0.12	$	1.80	$	1.68	$	43.28

In calculating diluted net income per common share for the years ended December 31, 2023, 2022, and 2021 the effect of certain PSUs is excluded from the computation as the respective performance metrics have not been satisfied.

Stock Units

As of December 31, 2023, and 2022 there were no stock units outstanding. As of April 30, 2021, there were 339,544 stock units issued under Old Frontier director and employee compensation plans that were included in the diluted EPS calculation for the four months ended April 30, 2021 as the effect would be dilutive.